Vallourec S.A.

Vallourec is a holding company. Through its subsidiaries, Co. supplies tubular solutions, mainly for the energy markets as well as other industrial applications. Co.'s activities can be divided into two segments: the Seamless tubes segment (production of hot-rolled seamless carbon and alloy steel tubes, both smooth and threaded, for the oil and gas industry); and the Speciality Products segment (production of stainless steel and titanium tubes as well as specific forming and machining activities). Co. is organized into four divisions: Energy and Industry division; Oil Country Tubular Goods division; Drilling Products division; and Brazil division.
  • TickerVK
  • ISINFR0000120354
  • ExchangeEuronext Paris
  • SectorIndustrial Engineering
  • CountryFrance
Valérie GASTALDY

Short term view - VALLOUREC : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €3.550, then €3.045. Passing €4.590 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - VALLOUREC : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 3,550 €, puis 3,045 €. Le franchissement de 4,590 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Short term view - VALLOUREC : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €3.550, then €3.045. Passing €4.590 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - VALLOUREC : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 3,550 €, puis 3,045 €. Le franchissement de 4,590 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Analyse moyen terme - VALLOUREC : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 4,152 €, puis 3,662 €. Le franchissement de 7,470 € remettrait en cause la suite de la baisse.

Jean-François Granjon

Vallourec : A bet on a recovery that was well under way, before COVID-19

>Refinancing on hold - Reasons for hope? In a very challenging environment, the group will be more particularly affected by its exposure to North America (36% of sales, i.e. 24% of consolidated sales). Nonetheless, we note the group’s relatively good performance in Q1, with EBITDA flat (€ 68m vs € 67m) despite a drop of 17% in sales (-15% in organic terms), 18% for oil & gas sales and 20% for sales in North America. Despite the marked deterioration in prospect, the g...

Jean-François Granjon

Vallourec : Un pari pour une recovery qui était bien engagée … pre-COVID

>Un refinancement en suspend - Des raisons d’espérer ? Dans un environnement fortement dégradé, le groupe sera plus particulièrement affecté par son exposition en Amérique du Nord (36% du CA soit 24% du CA consolidé). Néanmoins, nous noterons la relative bonne performance au T1 avec un EBITDA étale (68 M€ vs 67 M€) malgré une baisse de 17% du CA (-15% en organique), de 18% du CA Oil&Gas et de 20% du CA Amérique du Nord. Malgré une forte dégradation attendue, le groupe...

Alain William ...
  • Anis Zgaya
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Nicolas Thorez
  • Oussema Denguir
  • Philippe Ourpatian

ODDO BHF Small & MIDCAP MORNING NEWS - 05/14/2020

...

Alain William ...
  • Anis Zgaya
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Nicolas Thorez
  • Oussema Denguir
  • Philippe Ourpatian

ODDO BHF Small & MIDCAP MORNING NEWS - 14/05/2020

...

Jean-François Granjon

Vallourec : Earnings as expected – Strong deterioration expected– Poor visibility

>Quarterly earnings in line with expectations - Vallourec reported earnings in line with forecasts. Sales came to € 853m (€ 965.6m estimated), down -16.8% with -15.1% on an organic basis. EBITDA was flat at € 68m (€ 64.4m estimated). The quarter was partly spared by the health crisis and as expected reflected an unremarkable start to the year. The underlying operating result was -€ 29m (vs -€ 19m) due among other things to provisions for restructuring (€ 21m) in the U...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 20/02/2020 - Vallourec

Vallourec (Conserver) : Prévoit une augmentation de capital de €800m au T2-20 Axa (Achat) : RN de €3,9mds (+80%) en 2019 Nexans (Achat) : EBITDA de €413m (+27,1%) en 2019 Air France (Achat) : EBITDA de €4,1 mds (-3,8%) en 2019 Accor (Achat) : EBE de €825m (+14,8%, +5,9% en organique) en 2019 Campari (Achat) : EBITDA de €480m (+10,9%) en 2019 Douglas (Achat) : EBITDA de €269m (+44,1%, +5,0% avant IFRS 16) Coty (Achat) : Envisage la cession de sa division de produits de beauté professionnels, intérêts reçus de $8mds   Emett...

Laure Nottet

Vallourec : Reasons to be hopeful

Driven by the shale oil boom in North America, Vallourec's operating performance now sees solid momentum in EAMEA, in addition to the recovery expected shortly in Brazil. Combined with the positive impacts from its Transformation Plan, we think that Vallourec should be able to put an end to its FCF burn from 2020, gradually enhancing its credit metrics. That said, leeway within the covenant is getting tighter and most of its credit facilities are due to expire in 2021. Even so, i...

Laure Nottet

Vallourec : Des raisons d’y croire

Après avoir profité du boom du shale oil en Amérique du Nord, la performance opérationnelle de Vallourec bénéficie désormais d’une activité dynamique en EAMEA, à laquelle devrait prochainement s’ajouter celle du Brésil. Combinée aux effets positifs du Plan de Transformation, nous pensons que Vallourec devrait être en mesure de stopper sa consommation de FCF à partir de 2020, et donc d’améliorer graduellement ses indicateurs de crédit. Cependant, la marge de manœuvre par rapport a...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 15/11/2019 - Vallourec - EN

TP ICAP - Europe - Morning CreditUpdate 15/11/2019 - Vallourec - EN

Laure Nottet

Vallourec : Panic not!

Vallourec published disappointing results in Q3 2018, with EBITDA below expectations and, above all, significant FCF consumption. In this context, the share price has fallen (-50% since Friday), as has the bond price (-6 pts for 2019, -25 pts for 2022, -25 pts for 2023 and -18 pts for 2024). The FCF is expected to remain negative until at least 2019 and net debt is expected to continue to increase. However, liquidity will remain strong and the repayment of the 2019 bond is not in...

Anis Zgaya ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Hana Maalej
  • Jean-François Granjon
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 05/26/2020

...

Anis Zgaya ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Hana Maalej
  • Jean-François Granjon
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 26/05/2020

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/20/2020

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 20/04/2020

...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

Thanks to a better fundamental star rating, VALLOUREC sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to VALLOUREC (FR), active in the Steel industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date December 20, 2019, the closing price was EUR 2.65 and its expected value was estimated at EUR 2.44.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Florian Béchaz

Vallourec – AGM 06 Avril 2020

  UNE PROPOSITION DE RECAPITALISATION DE 800M€ : INSUFFISANTE ET RISQUEE POUR L'ACTIONNAIRE FACE A UNE DETTE MASSIVE, DES RESULTATS INSUFFISANTS ET UN SECTEUR PARA-PETROLIER QUI RISQUE DE SUBIR UNE NOUVELLE CRISE? La situation financière de la société nécessite une recapitalisation, ce que la société propose en résolutions 20 à 24. Sans croissance organique et amélioration opérationnelle, ces opérations ne suffiront pas pour couvrir le mur de dettes. La société n’aurait alors pas d’autre choix que de re-négocier la dette ou de se recapitaliser de nouveau. La chute brutale du prix du baril d...

Florian Béchaz

Vallourec - Assemblée générale des actionnaires du 23 mai 2019

Proxinvest apprécie la transparence de la société sur les rémunérations attribuées et attribuables. Si la structure est quelque peu déséquilibrée (insuffisance de long terme), ce qui est compréhensible en raison de la situation de la société, la transparence reste à saluer. La très bonne communication de la société permet de clairement établir le lien entre performances effectives et montants attribués, ce qui nous permet de soutenir les résolutions sur les rémunérations attribuées au titre de l’exercice 2018. Cependant Proxinvest recommandera l’opposition aux politiques de rémunérations des ...

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